Form 8-K - Current report

Share Name	Share Symbol	Market	Type
Babcock & Wilcox Enterprises Inc	NYSE:BWSN	NYSE	Common Stock

	Price Change	% Change	Share Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	0.58	2.47%	24.09	24.10	23.255	23.255	37,290	22:00:00

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15 (d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 12, 2024


BABCOCK & WILCOX ENTERPRISES, INC.
(Exact name of registrant as specified in its charter)


Delaware	001-36876	47-2783641
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


1200 East Market Street
Suite 650
Akron,	Ohio	44305
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, including Area Code: (330) 753-4511

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol	Name of Each Exchange on which Registered
Common stock, $0.01 par value per share	BW	New York Stock Exchange
8.125% Senior Notes due 2026	BWSN	New York Stock Exchange
6.50% Senior Notes due 2026	BWNB	New York Stock Exchange
7.75% Series A Cumulative Perpetual Preferred Stock	BW PRA	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02 Results of Operations and Financial Condition

On November 12, 2024, the Company issued a press release announcing our financial results for the quarter ended September 30, 2024. A copy of the press release is attached as Exhibit 99.1, and the information contained in Exhibit 99.1 is incorporated herein by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosure

On November 12, 2024, the Company posted an investor presentation on the investor relations section of its website at babcock.com. A copy of the presentation is attached as Exhibit 99.2, and the information contained in Exhibit 99.2 is incorporated herein by reference.

The information furnished pursuant to this Item 7.01, including Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits


Exhibit No.						Description
99.1						Press release dated November 12 , 2024
99.2						Investor Presentation
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	BABCOCK & WILCOX ENTERPRISES, INC.


November 12, 2024	By:	/s/ Louis Salamone
		Louis Salamone
		Executive Vice President, Chief Financial Officer and Chief Accounting Officer (Principal Accounting Officer and Duly Authorized Representative)


Exhibit 99.1


News Release

Babcock & Wilcox Enterprises Reports Third Quarter 2024 Results

•Announced divestiture of two assets as we continue to pursue strategic sales and debt refinancing to further improve the balance sheet and support future growth

•Announced total YTD implied bookings of $810.5 million, including $543.9 million of bookings, a 27% increase compared to same period of 2023

•Excluding divestitures, announced implied backlog of $628.2 million, which includes $361.6 million of backlog, a 48% increase compared to the same period of 2023

•Received final approval to proceed on a previously announced $246 million natural gas conversion project in Indiana as of November 2024

•Began ramp up to BrightLoopTM project in Massillon, Ohio targeted to produce hydrogen and sequester CO2 by early 2026

Q3 2024 Continuing Operations Financial Highlights

–Significantly improved margin performance, which helped meet adjusted EBITDA and net income expectations for the quarter when adjusted for one-time items

–Revenue of $209.9 million, compared to revenue of $239.4 million, in the third quarter of 2023 which included revenues of $34.2 million from a B&W Renewable Service A/S (BWRS) asset

–Operating loss of $1.5 million, which includes a $5.8 million non-cash impairment on the recent SPIG divestiture and a $4.9 million settlement to exit a long-term loss-generating maintenance contract, compared to operating income of $5.5 million in the third quarter of 2023

–Net loss of $11.1 million, including a $5.8 million non-cash impairment on the recent SPIG divestiture and $4.9 million settlement to exit a loss-generating maintenance contract that had 10 years remaining, compared to a net loss of $12.3 million in the third quarter of 2023

–Loss per share of $0.16, compared to a loss per share of $0.18 in the third quarter of 2023

–Adjusted EBITDA of $22.3 million, compared to adjusted EBITDA of $20.0 million in the third quarter of 2023. Adjusted EBITDA in the third quarter of 2023 was $12.5 million excluding the BWRS divestiture or an increase of 78%. Adjusted EBITDA excluding BrightLoopTM and ClimateBrightTM expenses was $23.3 million in the third quarter of 2024

(AKRON, Ohio – November 12, 2024) – Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced results for the third quarter of 2024.

Energy Demand

"We believe that we are in a unique position to leverage the significant increase in base-load generation demand in North America and around the world," said Kenneth Young, B&W Chairman and Chief Executive Officer. "Consumer demand for energy – either from the grid or behind the meter – along with increased energy needs from utility and large industrial clients are providing even greater opportunities for us to deliver our broad range of technology and considerable expertise in the areas of fossil fuels, natural gas, synthetic fuels and renewable energy to help meet that demand. We believe the increasing need for power and electricity fueled by demand from AI data centers, electric vehicles and expanding

economies will be key drivers for growth across our broad range of technologies and we are seeing our utility and industrial clients, including in the oil and gas sector, continuing to increase capacity utilizing our core technologies while evaluating further power generation augmentation through biomass, hydrogen and natural gas. We expect these tail-winds to increase in the coming years, as the amount of front-end engineering design (FEED) opportunities have grown. Today we have 12 to 15 active FEED studies that represent potential projects of over $1 billion in revenues in our pipeline. We believe that these expected industry tailwinds provide a strong foundation for B&W to grow in 2025 and beyond as we continue to drive for higher margins and improved cash flows."

"Overall, we continue to see strong demand for our diverse portfolio of technologies that help drive our increased backlog and higher implied bookings of over $800 million. As further evidence of the opportunities for growth, we are excited to announce that we have now received full notice to proceed on the $246 million natural gas conversion project in Indiana," Young added.

BrightLoop and ClimateBright

"Our investments across our ClimateBright suite of decarbonization technologies to support the world’s energy transition are progressing well and notably we continued to move forward on our BrightLoop project in Massillon, Ohio, with a target of producing hydrogen by early 2026," Young said. “We are working on several carbon capture opportunities that utilize our SolveBright post combustion CO2 capture technology and our oxy-combustion technology that injects pure oxygen into the combustion process to significantly reduce CO2 emissions. We recently announced a FEED study in Sweden that utilizes our post-combustion technology with an existing waste-to-energy facility. In addition to our work in support of the BrightLoop project in Massillon, Ohio, we also are further developing our BrightLoop projects in West Virginia, Wyoming and Louisiana and are engaging in FEED studies for BrightLoop with various customers in Canada and around the world.”

Asset Sales and Debt Refinancing

“During the quarter, we completed the sale of our SPIG/GMAB business for net proceeds of $33.7 million, which improves our balance sheet to support growth and aligns with our ongoing strategy to sell certain non-strategic businesses. Combined, we have raised over $116 million from divestiture of two assets in 2024. These sales reaffirm our objective to strengthen our balance sheet,” Young continued. “We remain in dialogue related to the sale of other non-strategic assets as previously discussed, as well as potential refinancing options."

Increased Margin Performance

“Our third quarter results demonstrated significant margin improvement, reflecting our strategic direction as evidenced by strong year-over-year adjusted EBITDA and net income increases. These results include two one-time items, a non-cash impairment on the recent SPIG divestiture and a settlement on a maintenance contract to avoid 10 years of potential significant future losses. Excluding these two one-time charges, we met adjusted EBITDA and net income expectations for the quarter. Looking ahead, we continue to expect increasing operating momentum driven by our Thermal and Environmental segments, as the fourth quarter is historically a seasonally strong period for B&W’s businesses, with increased services and project schedules from our customers," Young said. “Our business as a whole prior to divestitures is on target to achieve our stated goals in 2024. When adjusting the targets to reflect the recent divestitures, our EBITDA target range is around $91.0 million to $95.0 million, excluding BrightLoop and ClimateBright expenses. Our global pipeline of over $9 billion in identified project

opportunities remains healthy across all business segments, and we anticipate continued prospects for new bookings and stronger financial performance throughout the fourth quarter and heading into 2025.”

Q3 2024 Continuing Operations Financial Summary

Revenues in the third quarter of 2024 were $209.9 million versus revenues of $239.4 million in the third quarter of 2023, which includes $34.2 million in revenues from BWRS. Revenues in the third quarter of 2024 increased by $4.6 million when compared to revenues without BWRS in the third quarter of 2023. This increase was driven primarily by growth in our domestic and European Environmental business as well as Thermal segment benefits related to a large natural gas project and increased volume in parts during the year. Operating loss in the third quarter of 2024 was $1.5 million, compared to operating income of $5.5 million in the third quarter of 2023. The decrease is primarily attributable to the divestiture of BWRS which resulted in a reduction of income from the previous quarter of $7.4 million, as well as two one-time charges of a $5.8 million non-cash impairment related to the sale of SPIG and a $4.9 million settlement to exit a loss generating maintenance contract. This completes our exit strategy from European O&M, which has resulted in approximately $15.0 million in losses over the last three years, and allows us to avoid 10 years of potentially significant escalating losses. Loss in the third quarter of 2024 was $11.1 million, compared to a loss of $12.3 million in the third quarter of 2023, for the same reasons noted with respect to operating income above. Loss per common share in the third quarter of 2024 was $0.16 compared to a loss per common share of $0.18 in the third quarter of 2023. Adjusted EBITDA was $22.3 million, an increase compared to $20.0 million in the third quarter of 2023, which included $7.4 million of BWRS Adjusted EBITDA, primarily due to the impact of SG&A reductions, product mix and project margins. Implied bookings in the third quarter of 2024 were $142.0 million, compared to $197.9 million in the third quarter of 2023. Ending implied backlog was $628.2 million, an increase of 22% compared to implied backlog at the end of the third quarter of 2023. All amounts referred to in this release are on a continuing operations basis, unless otherwise noted. Reconciliations of net income, the most directly comparable GAAP measure, to Adjusted EBITDA for the Company's segments, are provided in the exhibits to this release.

Babcock & Wilcox Renewable segment revenues were $38.2 million for the third quarter of 2024, a decrease compared to $87.1 million in the third quarter of 2023. The decrease is primarily due to the divestiture of BWRS, which accounted for $34.2 million of revenue in the third quarter of 2023. Adjusted EBITDA in the third quarter of 2024 was $5.0 million, a decrease compared to $10.1 million in the third quarter of 2023, which included $7.4 million from BWRS, partially offset by favorable project closeouts in the current quarter. Bookings in Renewable parts and services during the third quarter of 2024 exceeded bookings in the same period in 2023, with total bookings increasing from $32.7 million in 2023 to $40.8 million in 2024.

Babcock & Wilcox Environmental segment revenues were $56.6 million in the third quarter of 2024, an increase of 22% compared to $46.4 million in the third quarter of 2023. Approximately $7.7 million of the increase is attributable to growth in our domestic environmental and electrostatic precipitator business and $1.0 million of the increase is due to growth in our European environmental business. Adjusted EBITDA in the third quarter of 2024 was $4.7 million, which is favorable to our internal targets, compared to $5.0 million in the third quarter of 2023, which is primarily in line with the previous year.

Babcock & Wilcox Thermal segment revenues were $119.9 million in the third quarter of 2024, which is an increase of 12% compared to $107.0 million in the third quarter of 2023. The revenue increase is primarily the result of a large natural gas project which accounted for $4.2 million and an increased volume of parts which accounted for $4.8 million. Adjusted EBITDA in the third quarter of 2024 was $18.4 million, an increase compared to $11.3 million in the third quarter of 2023. The revenue drivers above

resulted in an increase in Adjusted EBITDA of $4.2 million and favorable project margins in our construction business resulted in an increase of $2.1 million.

Liquidity and Balance Sheet

At September 30, 2024, the Company had total debt of $475.4 million and a cash, cash equivalents and restricted cash balance of $127.9 million.

Earnings Call Information

B&W plans to host a conference call and webcast on Tuesday, November 12, 2024 at 5 p.m. ET to discuss the Company's third quarter 2024 results. The listen-only audio of the conference call will be broadcast live via the Internet on B&W’s Investor Relations site. The dial-in number for participants in the U.S. is (833) 470-1428; the dial-in number for participants in Canada is (833) 950-0062; the dial-in number for participants in all other locations is (929) 526-1599. The conference ID for all participants is 883496. A replay of this conference call will remain accessible in the investor relations section of the Company’s website for a limited time.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures internally, also referred to in this release as “adjusted” financial measures, to evaluate its performance and in making financial and operational decisions. When viewed in conjunction with GAAP results and the accompanying reconciliation, the Company believes that its presentation of these measures provides investors with greater transparency and a greater understanding of factors affecting its financial condition and results of operations than GAAP measures alone. The presentation of non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s related financial results prepared in accordance with GAAP.

Adjusted EBITDA on a consolidated basis is a non-GAAP metric defined as the sum of the Adjusted EBITDA for each of the segments, further adjusted for corporate allocations and research and development costs. At a segment level, the Adjusted EBITDA presented is consistent with the way the Company's chief operating decision maker reviews the results of operations and makes strategic decisions about the business and is calculated as earnings before interest expense, tax, depreciation and amortization adjusted for items such as gains or losses arising from the sale of non-income producing assets, net pension benefits, restructuring costs, impairments, gains and losses on debt extinguishment, costs related to financial consulting, research and development costs and other costs that may not be directly controllable by segment management and are not allocated to the segment. The Company presents consolidated Adjusted EBITDA because it believes it is useful to investors to help facilitate comparisons of the ongoing, operating performance before corporate overhead and other expenses not attributable to the operating performance of the Company's revenue generating segments. In addition, the Company presents the non-GAAP financial measure of Adjusted EBITDA excluding BrightLoop and ClimateBright. Management believes this measure is useful to investors because of the increasing importance of BrightLoop and ClimateBright to the future growth of the Company. Management uses Adjusted EBITDA excluding BrightLoop and ClimateBright to assess the Company's performance independent of these technologies.

This release presents Adjusted Operating Income, Adjusted EBITDA without BWRS and Revenue without BWRS as additional non-GAAP financial measures. Management believes these measures are useful to investors to facilitate comparisons between years by excluding the impact from business divestitures in

the current year and their related operating results from the prior year. Management uses these measures to preview and evaluate performance of retained businesses.

This release also presents certain targets for the Company's Adjusted EBITDA in the future; these targets are not intended as guidance regarding how the Company believes the business will perform. The Company is unable to reconcile these targets to their GAAP counterparts without unreasonable effort and expense. Prior period results have been revised to conform with the revised definition and present separate reconciling items in our reconciliation, including business transition costs.

Bookings and Backlog

Bookings and backlog are our measure of remaining performance obligations under our sales contracts. It is possible that our methodology for determining bookings and backlog may not be comparable to methods used by other companies. Implied backlog and implied bookings include projects awarded or under contract but not fully released for performance.

We generally include expected revenue from contracts in our backlog when we receive written confirmation from our customers authorizing the performance of work and committing the customers to payment for work performed. Backlog may not be indicative of future operating results, and contracts in our backlog may be canceled, modified or otherwise altered by customers. Backlog can vary significantly from period to period, particularly when large new build projects or operations and maintenance contracts are booked because they may be fulfilled over multiple years. Because we operate globally, our backlog is also affected by changes in foreign currencies each period. We do not include orders of our unconsolidated joint ventures in backlog.

Bookings represent changes to the backlog. Bookings include additions from booking new business, subtractions from customer cancellations or modifications, changes in estimates of liquidated damages that affect selling price and revaluation of backlog denominated in foreign currency. We believe comparing bookings on a quarterly basis or for periods less than one year is less meaningful than for longer periods, and that shorter-term changes in bookings may not necessarily indicate a material trend.

Impacts of Market Conditions

Management continues to adapt to macroeconomic conditions, including the impacts from inflation, changing interest rates and foreign exchange rate volatility, geopolitical conflicts (including the ongoing conflicts in Ukraine and the Middle East) and global shipping and supply chain disruptions that continued to have an impact during the first nine months of 2024.In certain instances, these situations have resulted in cost increases and delays or disruptions that have had, and could continue to have, an adverse impact on our ability to meet customers’ demands. We continue to actively monitor the impact of these market conditions on current and future periods and actively manage costs and our liquidity position to provide additional flexibility while still supporting our customers and their specific needs. The duration and scope of these conditions cannot be predicted, and therefore, any anticipated negative financial impact on our operating results cannot be reasonably estimated.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this release are forward-looking statements. You should not place undue reliance on these statements. Forward-looking statements include words such as “expect,” “intend,” “plan,” “likely,” “seek,” “believe,”

“project,” “forecast,” “target,” “goal,” “potential,” “estimate,” “may,” “might,” “will,” “would,” “should,” “could,” “can,” “have,” “due,” “anticipate,” “assume,” “contemplate,” “continue” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operational performance or other events.

These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things: our financial condition and ability to continue as a going concern; the impact of global macroeconomic conditions, including inflation and volatility in the capital markets; risks associated with contractual pricing in our industry; our relationships with customers, subcontractors and other third parties; our ability to comply with our contractual obligations; disruptions at our or manufacturing facilities or a third-party manufacturing facility that we have engaged; the actions or failures of our co-venturers; our ability to implement our growth strategy, including through strategic acquisitions, which we may not successfully consummate or integrate; our evaluation of strategic alternatives for certain businesses and non-strategic assets, which may not result in a successful transaction; the risks of unexpected adjustments and cancellations in our backlog; professional liability, product liability, warranty and other claims; our ability to compete successfully against current and future competitors; our ability to develop and successfully market new products; the impacts of industry conditions and public health crises; the cyclical nature of the industries in which we operate; changes in the legislative and regulatory environment in which we operate; supply chain issues, including shortages of adequate components; failure to properly estimate customer demand; our ability to comply with the covenants in our debt agreements; our ability to refinance our 8.125% Notes due 2026 and 6.50% Notes due 2026 prior to their maturity; our ability to maintain adequate bonding and letter of credit capacity; impairment of goodwill or other indefinite-lived intangible assets; credit risk; disruptions in, or failures of, our information systems; our ability to comply with privacy and information security laws; our ability to protect our intellectual property and use the intellectual property that we license from third parties; risks related to our international operations, including fluctuations in the value of foreign currencies, global tariffs, sanctions and export controls; could harm our profitability; volatility in the price of our common stock; B. Riley’s significant influence over us; changes in tax rates or tax law; our ability to use net operating loss and certain tax credits; our ability to maintain effective internal control over financial reporting; our ability to attract and retain skilled personnel and senior management; labor problems, including negotiations with labor unions and possible work stoppages; risks associated with our retirement benefit plans; natural disasters or other events beyond our control, such as war, armed conflicts or terrorist attacks; and the other factors specified and set forth under "Risk Factors" in the Company’s periodic reports filed with the Securities and Exchange Commission, including our most recent annual report on Form 10-K.

These forward-looking statements are made based upon detailed assumptions and reflect management’s current expectations and beliefs. While we believe that these assumptions underlying the forward-looking statements are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect actual results. The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by law.

About B&W Enterprises, Inc.

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc. is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com.

# # #


Investor Contact:			Media Contact:
Lou Salamone, CFO			Ryan Cornell
Babcock & Wilcox Enterprises, Inc.			Public Relations
704.625.4944 \| investors@babcock.com			Babcock & Wilcox Enterprises, Inc.
			330.860.1345 \| rscornell@babcock.com

Exhibit 1

Babcock & Wilcox Enterprises, Inc.

Condensed Consolidated Statements of Operations(1)

(In millions, except per share amounts)


	Three Months Ended September 30,					Nine Months Ended September 30,
	2024		2023			2024		2023
Revenues	$	209.9	$	239.4		$	651.1	$	772.2
Costs and expenses:
Cost of operations	160.0		186.0			498.3		603.7
Selling, general and administrative expenses	43.1		45.7			135.1		143.4


Restructuring activities	0.5		1.3			2.8		2.7
Research and development costs	1.4		0.9			3.7		3.1
Gain on sale of business	0.1		—			(40.1)		—
Impairment on long-lived assets	5.8		—			5.8		—
Loss (gain) on asset disposals, net	0.4		—			0.4		—
Total costs and expenses	211.3		233.9			606.0		753.0
Operating (loss) income	(1.5)		5.5			45.1		19.2
Other income (expense):
Interest expense	(10.6)		(13.4)			(36.0)		(37.2)
Interest income	0.3		0.3			0.9		0.9
Loss on debt extinguishment	(0.7)		—			(6.8)		—

Benefit plans, net	0.1		(0.1)			0.3		(0.3)
Foreign exchange	2.3		(4.9)			1.4		(4.2)
Other expense, net	(0.8)		—			(0.4)		(0.7)
Total other expense, net	(9.4)		(18.1)			(40.6)		(41.6)
(Loss) income before income tax expense	(10.9)		(12.6)			4.5		(22.3)
Income tax expense (benefit)	0.2		(0.3)			6.1		2.0
Loss from continuing operations	(11.1)		(12.3)			(1.6)		(24.4)
Income (loss) from discontinued operations, net of tax	5.7		(104.5)			4.9		(109.9)
Net (loss) income	(5.3)		(116.8)			3.2		(134.2)
Net income attributable to non-controlling interest	—		(0.1)		—	(0.1)		(0.2)
Net (loss) income attributable to stockholders	(5.3)		(116.9)			3.2		(134.5)
Less: Dividend on Series A preferred stock	3.7		3.7			11.1		11.1
Net loss attributable to stockholders of common stock	$	(9.0)	$	(120.6)		$	(8.0)	$	(145.6)

Basic and diluted loss per share:
Continuing operations	$	(0.16)	$	(0.18)		$	(0.14)	$	(0.40)
Discontinued operations	0.06		(1.17)			0.05		(1.24)
Basic and diluted loss per share	$	(0.10)	$	(1.35)		$	(0.09)	$	(1.64)






Shares used in the computation of earnings (loss) per share:
Basic and diluted	92.3		89.1			90.9		88.9

(1) Figures may not be clerically accurate due to rounding

Exhibit 2

Babcock & Wilcox Enterprises, Inc.

Condensed Consolidated Balance Sheets(1)


(In millions, except per share amount)	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	30.6	$	65.3
Current restricted cash	63.4		5.7
Accounts receivable – trade, net	143.0		144.0
Accounts receivable – other	26.7		36.2
Contracts in progress	101.3		90.1
Inventories, net	116.6		113.9
Other current assets	21.8		23.9
Current assets held for sale	26.9		18.5
Total current assets	530.2		497.6
Net property, plant and equipment, and finance leases	73.6		78.4
Goodwill	84.6		102.0
Intangible assets, net	23.9		45.6
Right-of-use assets	29.7		28.2
Long-term restricted cash	33.9		0.3
Deferred tax assets	6.3		2.1
Other assets	22.4		21.6

Total assets	$	804.6	$	775.7

Accounts payable	$	122.4	$	127.5
Accrued employee benefits	11.6		10.8
Advance billings on contracts	58.8		81.1
Accrued warranty expense	6.8		7.6
Financing lease liabilities	1.5		1.4
Operating lease liabilities	3.8		3.9
Other accrued liabilities	53.1		68.1
Loans payable	3.0		6.2
Current liabilities held for sale	36.9		43.6
Total current liabilities	297.9		350.2
Senior notes	339.7		337.9
Loans payable, net of current portion	132.8		35.4
Pension and other postretirement benefit liabilities	163.8		172.9
Finance lease liabilities, net of current portion	25.8		26.2
Operating lease liabilities, net of current portion	27.1		25.4
Deferred tax liability	10.7		13.0

Other noncurrent liabilities	10.0		15.1
Total liabilities	1,007.8		976.0
Commitments and contingencies
Stockholders' deficit:
Preferred stock, par value $0.01 per share, authorized shares of 20,000; issued and outstanding shares 7,669 at September 30, 2024 and December 31, 2023	0.1		0.1
Common stock, par value $0.01 per share, authorized shares of 500,000; outstanding shares of 92,382 and 89,449 at September 30, 2024 and December 31, 2023, respectively	5.2		5.1
Capital in excess of par value	1,552.0		1,546.3
Treasury stock at cost, 2,339 and 2,139 shares at September 30, 2024 and December 31, 2023, respectively	(115.4)		(115.2)
Accumulated deficit	(1,578.9)		(1,570.9)
Accumulated other comprehensive loss	(66.6)		(66.4)
Stockholders' deficit attributable to shareholders	(203.7)		(201.0)
Non-controlling interest	0.6		0.6
Total stockholders' deficit	(203.1)		(200.4)
Total liabilities and stockholders' deficit	$	804.6	$	775.7

(1) Figures may not be clerically accurate due to rounding.

Exhibit 3

Babcock & Wilcox Enterprises, Inc.

Condensed Consolidated Statements of Cash Flows(1)


(In millions)	Nine Months Ended September 30,
	2024		2023
Cash flows from operating activities:
Net loss from continuing operations	$	(1.6)	$	(24.4)
Net income (loss) from discontinued operations	4.9		(109.9)
Net income (loss)	3.2		(134.2)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization of long-lived assets	13.7		16.5
Goodwill impairment	—		56.6
Amortization of deferred financing costs and debt discount	3.7		3.7
Amortization of guaranty fee	2.1		0.5
Non-cash operating lease expense	5.2		4.4

Loss on debt extinguishment	6.8		—
Gain on sale of business	(40.1)		—
Impairment on long-lived assets	5.8		—
Loss on asset disposals	0.4		0.2
Benefit from deferred income taxes	(6.5)		(5.6)
Prior service cost amortization for pension and postretirement plans	0.7		0.7
Stock-based compensation	3.8		7.2
Foreign exchange	(1.4)		4.2
Changes in operating assets and liabilities:
Accounts receivable - trade, net and other	(17.7)		4.3
Contracts in progress	(30.4)		2.5
Advance billings on contracts	(20.7)		(29.7)
Inventories, net	(3.4)		(10.5)
Income taxes	2.7		(0.2)
Accounts payable	5.1		28.1
Accrued and other current liabilities	(5.8)		(4.6)
Accrued contract loss	(6.0)		13.3
Pension liabilities, accrued postretirement benefits and employee benefits	(7.6)		(2.1)
Other, net	(9.9)		(5.6)
Net cash used in operating activities	(96.3)		(50.5)

Cash flows from investing activities:
Purchase of property, plant and equipment	(10.1)		(10.5)

Proceeds from sale of business and assets, net	87.6		—
Purchases of available-for-sale securities	(4.5)		(5.3)
Sales and maturities of available-for-sale securities	5.0		7.4
Other, net	—		(0.1)
Net cash provided by (used in) investing activities	78.0		(8.6)


Cash flows from financing activities:

Borrowings on loan payable	184.8		97.1
Repayments on loan payable	(91.1)		(72.5)
Finance lease payments	(1.0)		—
Payment of holdback funds from acquisition	(3.0)		(2.8)
Payment of preferred stock dividends	(14.9)		(7.4)
Shares of common stock returned to treasury stock	(0.3)		(1.4)
Issuance of common stock, net	2.0		—
Debt issuance costs	(5.6)		(0.2)
Other, net	(0.2)		(0.9)
Net cash provided by financing activities	70.8		11.9
Effects of exchange rate changes on cash	4.0		(0.7)
Net increase (decrease) in cash, cash equivalents and restricted cash	56.6		(47.9)
Cash, cash equivalents and restricted cash at beginning of period	71.4		113.0
Cash, cash equivalents and restricted cash at end of period	$	127.9	$	65.1

(1) Figures may not be clerically accurate due to rounding.

Exhibit 4

Babcock & Wilcox Enterprises, Inc.

Segment Information(1)

(In millions)


SEGMENT RESULTS	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
REVENUES:
Babcock & Wilcox Renewable	$	38.2	$	87.1	$	151.4	$	256.4
Babcock & Wilcox Environmental	56.6		46.4		161.2		134.6
Babcock & Wilcox Thermal	119.9		107.0		350.3		384.2
Eliminations	(4.8)		(1.1)		(11.8)		(3.0)
	$	209.9	$	239.4	$	651.1	$	772.2

ADJUSTED EBITDA:
Babcock & Wilcox Renewable	$	5.0	$	10.1	$	14.3	$	19.2
Babcock & Wilcox Environmental	4.7		5.0		14.8		10.3
Babcock & Wilcox Thermal	18.4		11.3		45.1		49.4
Corporate	(5.7)		(5.6)		(15.6)		(16.2)
Research and development costs	(0.2)		(0.9)		(0.5)		(3.1)
	$	22.3	$	20.0	$	58.1	$	59.6

AMORTIZATION EXPENSE:
Babcock & Wilcox Renewable	$	0.1	$	0.5	$	1.0	$	1.6
Babcock & Wilcox Environmental	0.8		0.8		2.4		2.3
Babcock & Wilcox Thermal	1.1		1.1		3.2		3.3
	$	2.0	$	2.4	$	6.7	$	7.2

DEPRECIATION EXPENSE:
Babcock & Wilcox Renewable	$	0.3	$	0.6	$	1.2	$	2.1
Babcock & Wilcox Environmental	0.6		0.2		1.4		0.6
Babcock & Wilcox Thermal	1.4		1.4		3.9		5.0
	$	2.2	$	2.2	$	6.5	$	7.8

BOOKINGS AND BACKLOG	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
BOOKINGS:
Babcock & Wilcox Renewable	$	41	$	33	$	108	$	180
Babcock & Wilcox Environmental	17		54		118		154
Babcock & Wilcox Thermal	103		105		321		299
Other/Eliminations	0		6		(3)		(5)
	$	161	$	198	$	544	$	628

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
IMPLIED BOOKINGS(2):
Babcock & Wilcox Renewable	$	41	$	33	$	108	$	180
Babcock & Wilcox Environmental	33		54		154		162
Babcock & Wilcox Thermal	68		105		552		299
Other/Eliminations	—		6		(3)		(5)
	$	142	$	198	$	811	$	636

	BACKLOG				IMPLIED BACKLOG(3)
	As of September 30,				As of September 30,
	2024		2023		2024		2023
Babcock & Wilcox Renewable	$	96	$	133	$	96	$	133
Babcock & Wilcox Environmental	66		173		101		181
Babcock & Wilcox Thermal	185		196		416		196
Other/Eliminations	15		5		15		5
	$	362	$	507	$	628	$	515

(1) Figures may not be clerically accurate due to rounding.

(2) Implied bookings are bookings plus projects that are awarded but not contracted or are under contract but not fully released for performance.

(3) Implied backlog is backlog plus projects that are awarded or under contract but not fully released for performance.

Exhibit 5

Babcock & Wilcox Enterprises, Inc.

Reconciliation of Adjusted EBITDA(3)

(In millions)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Income (loss) from continuing operations	$	(11.1)	$	(12.3)	$	(1.6)	$	(24.4)
Interest expense	10.3		13.4		35.1		37.1
Income tax expense	0.2		(0.3)		6.1		2.0
Depreciation & amortization	4.2		4.6		13.2		15.0
EBITDA	3.6		5.4		52.8		29.7

Gain on sale of business	—		—		(40.2)		—
Benefit plans, net	(0.1)		0.1		(0.3)		0.3
Gain on asset sales, net	0.4		—		0.4		—
Impairment on long-lived assets	5.8		—		5.8		—
Stock compensation	0.9		0.4		3.6		5.9
Restructuring activities and business services transition costs	0.5		1.3		2.8		3.3
Settlement and related legal costs	(0.1)		—		3.2		(2.5)

Loss on debt extinguishment	0.7		—		6.8		—
Acquisition pursuit and related costs	0.2		0.3		0.3		0.6
Product development (1)	2.1		0.9		5.1		3.3
Foreign exchange	(2.3)		4.9		(1.4)		4.2
Financial advisory services	1.1		—		1.3		—
Contract disposal (2)	6.1		4.3		10.1		8.4


Letter of credit fees	1.3		2.0		5.9		5.6
Other - net	2.2		0.4		1.7		0.8
Adjusted EBITDA	$	22.3	$	20.0	$	58.1	$	59.6
Product development (1)	(1.7)		(0.5)		(3.9)		(2.6)
BrightLoopTM and ClimateBrightTM expenses	2.7		1.7		6.9		5.9
Adjusted EBITDA excluding BrightLoopTM and ClimateBrightTM expenses	$	23.3	$	21.2	$	61.1	$	62.9

(1) Costs associated with development of commercially viable products that are ready to go to market.

(2) Impacts of the disposal of our O&M contracts has been adjusted in the prior period to ensure uniform presentation with the current period.

(3) Figures may not be clerically accurate due to rounding.

Exhibit 6

Babcock & Wilcox Enterprises, Inc.

Other Non-GAAP Reconciliations(1)












(in millions)	Three months ended September 30, 2023
Revenue	$	239.4
Less:
BWRS Revenue	34.2
Revenue, less BWRS	$	205.2

(in millions)	Three months ended September 30, 2023
Adjusted EBITDA	$	20.0
Less:
BWRS Adjusted EBITDA	7.4
Adjusted EBITDA, less BWRS	$	12.6

(1) Figures may not be clerically accurate due to rounding.

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 2 S A F E H A R B O R S TAT E M E N T B&W Enterprises cautions that this presentation contains forward-looking statements within the meaning of federal securities laws. All statements other than statements of historical or current fact included in this presentation are forward-looking statements, including, without limitation, statements relating to the company's business outlook and expected financial performance, including adjusted EBITDA and sales targets, expectations regarding future growth, expansion and profitability, outlook and expectations regarding B&W’s BrightLoop™ technologies, as well as statements about B&W’s future pipeline of new projects and business within its Renewable, Environmental and Thermal operating segments and their impact on future shareholder value. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things: our financial condition and ability to continue as a going concern; risks associated with contractual pricing in our industry; the impact of global macroeconomic conditions, including inflation and volatility in the capital markets; our relationships with customers, subcontractors and other third parties; our ability to comply with our contractual obligations; disruptions at our or manufacturing facilities or a third-party manufacturing facility that we have engaged; the actions or failures of our co-venturers; our ability to implement our growth strategy, including through strategic acquisitions, which we may not successfully consummate or integrate; our evaluation of strategic alternatives for certain businesses and non-core assets which may not result in successful transactions; the risks of unexpected adjustments and cancellations in our backlog; professional liability, product liability, warranty and other claims; our ability to compete successfully against current and future competitors; our ability to develop and successfully market new products; the impacts of industry conditions and public health crises; the cyclical nature of the industries in which we operate; changes in the legislative and regulatory environment in which we operate; supply chain issues, including shortages of adequate components; failure to properly estimate customer demand; our ability to comply with the covenants in our debt agreements; our ability to refinance our 8.125% Notes due 2026 and 6.50% Notes due 2026 prior to their maturity; our ability to maintain adequate bonding and letter of credit capacity; impairment of goodwill or other indefinite-lived intangible assets; credit risk; disruptions in, or failures of, our information systems; our ability to comply with privacy and information security laws; our ability to protect our intellectual property and use the intellectual property that we license from third parties; risks related to our international operations, including fluctuations in the value of foreign currencies, global tariffs, sanctions and export controls; could harm our profitability; volatility in the price of our common stock; B. Riley’s significant influence over us; changes in tax rates or tax law; our ability to use net operating loss and certain tax credits; our ability to maintain effective internal control over financial reporting; our ability to attract and retain skilled personnel and senior management; labor problems, including negotiations with labor unions and possible work stoppages; risks associated with our retirement benefit plans; natural disasters or other events beyond our control, such as war, armed conflicts or terrorist attacks and the other factors specified and set forth under "Risk Factors" in our periodic reports filed with the Securities and Exchange Commission, including, without limitation, the risks described in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 under the caption "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (as applicable). These factors should be considered carefully, and B&W Enterprises cautions you not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law. Non-GAAP Financial Measures Adjusted EBITDA on a consolidated basis is a non-GAAP metric defined as the sum of the adjusted EBITDA for each of the segments, further adjusted for corporate allocations and research and development costs. At a segment level, adjusted EBITDA presented is consistent with the way our chief operating decision maker reviews the results of operations and makes strategic decisions about the business and is calculated as earnings before interest expense, tax, depreciation and amortization adjusted for items such as gains or losses arising from the sale of non-income producing assets, net pension benefits, restructuring costs, impairments, gains and losses on debt extinguishment, costs related to financial consulting, research and development costs and other costs that may not be directly controllable by segment management and are not allocated to the segment. We present consolidated Adjusted EBITDA because we believe it is useful to investors to help facilitate comparisons of our ongoing, operating performance before corporate overhead and other expenses not attributable to the operating performance of our revenue generating segments. In addition, the Company presents the non-GAAP financial measure of Adjusted EBITDA excluding BrightLoop™ and ClimateBright™. Management believes this measure is useful to investors because of the increasing importance of BrightLoop™ and ClimateBright™ to the future growth of the Company. Management uses EBITDA excluding BrightLoop ™ and ClimateBright™ to assess the Company’s performance independent of these technologies. In this presentation, we also present certain targets for our adjusted EBITDA in the future; these targets are not intended as guidance regarding how we believe the business will perform. We are unable to reconcile these targets to their GAAP counterparts without unreasonable effort and expense due to the aspirational nature of these targets.

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 3 W E ’ R E A G L O B A L E N E R G Y L E A D E R C R E AT I N G A B R I G H T E R F U T U R E WE PROVIDE PROVEN, BEST-IN- CLASS POWER PRODUCTION TECHNOLOGIES AND ARE LEADING THE WAY TO A NET-ZERO FUTURE. • From our first patent for a more efficient boiler to more than 17,000 patents since, we continue to drive innovation and change • Today, we are a globally recognized technology leader and innovator at the forefront of the energy transition • Helping utility and industrial customers with the technical challenges of moving from current to future energy sources • Delivering systems, parts and field services to help utility and industrial plants operate more effectively and efficiently • Our hydrogen production, carbon capture, waste- and biomass-to-energy, and environmental technologies support the reduction of greenhouse gases, including CO2 and methane, in an environmentally friendly way Ensuring energy security for customers and the world Making net-zero ambitions a reality today Providing high quality and innovative technologies since 1867

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 4 W E ’ R E H E L P I N G C U S TO M E R S C R E AT E C L E A N A N D R E L I A B L E E N E R G Y SUPPORTING A CIRCULAR ECONOMY Ecologically sound ways of using and recycling resources like biomass and municipal waste to create clean, renewable baseload power while reducing greenhouse gas emissions. REDUCING THE IMPACT OF GREENHOUSE GAS EMISSIONS Hydrogen production, carbon capture, ash handling, energy recovery and storage, and advanced emissions control solutions to help preserve the world’s natural resources. CREATING RELIABLE AND EFFICIENT STEAM GENERATION Providing boilers and related equipment, aftermarket parts, service and upgrades to help utilities and industries generate reliable thermal energy from a wide range of fuels and bridge the gap during the global transition to new energy sources. CL EA N E N ER G Y SO LU TI O N S TR AD IT IO N AL DELIVERING VALUE THROUGH TECHNOLOGY-DRIVEN PRODUCTS AND SERVICES, WITH CONTINUAL PRODUCT IMPROVEMENT AND ROBUST R&D EFFORTS TO SUPPORT CURRENT AND FUTURE ENERGY NEEDS

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 5 T H E F O U N D AT I O N O F O U R C O M PA N Y Our Vision: Advancing energy and environmental solutions that bring power and progress to our world. Our Mission: B&W delivers environmentally conscious, technology-driven solutions and services to energy and industrial customers worldwide – safely, ethically and as promised. Our Core Values: Safety • Integrity • Quality • Respect • Agility

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 6 • Increase focus on large Thermal growth projects and higher-margin aftermarket parts and services and continue to expand geographical presence in support of these markets • Leverage our advanced thermal technologies to support fuel switching projects • Continue to implement up to $30 million in cost reductions associated with strategic realignment • Closed financing on $150 million revolving credit facility to reduce interest expense • Strengthen balance sheet and evaluate strategic alternatives for non-strategic assets • Utilize state and federal project-level financing to accelerate deployment of BrightLoop™ technology • Execute paid front-end engineering and design studies to drive ClimateBright™ and BrightLoop technology bookings W E ’ R E S T R E N G T H E N I N G O U R B U S I N E S S TO A C H I E V E P R O F I TA B L E G R O W T H A S W E C O N T I N U E TO P R OV I D E P R OV E N C L E A N E N E R GY T EC H N O LO G I E S

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 7 W E ' R E L E V E R A G I N G A VA S T I N S TA L L E D B A S E A N D P R O V E N T E C H N O L O G I E S More than 300 operating utility and industrial boiler units in the U.S. and nearly 200 operating utility and industrial boiler units across 40 countries around the world More than 5,000 industrial water- tube package boilers and other waste heat recovery products installed in a variety of facilities  Average approximately 500,000 Boilermakers’ construction manhours per year over last five years More than 500 waste-to-energy and biomass-to-energy units at 300+ facilities globally (consuming over 61 million tonnes of waste per year) and a leader in plant availability  Serving utility, waste management, municipality and investment firm customers  Large worldwide installed base of wet and dry scrubbers for SOX reduction, particulate control equipment, NOX reduction technologies, and mercury control systems to meet environmental regulations  Flue gas pre-treatment technologies for use with CO2 capture A VAST GLOBAL INSTALLATION OF B&W’S CORE TECHNOLOGIES AT UTILITY AND INDUSTRIAL PLANTS CREATES LARGE GROWTH OPPORTUNITIES FOR PARTS, SERVICES AND RETROFITS

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 8 CORPORATE SNAPSHOT B A B C O C K & W I L C OX P R O F I L E Notes: All charts based on LTM September 30, 2024 revenues, unless otherwise noted. 1. Backlog does not include shorter lead-time parts and services. Disclaimer: B&W Enterprises cautions not to place undue reliance on any forward-looking statements, which speak only as of the date of this presentation and may be impacted by the risks described in our SEC reports. We undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law. Headquarters: Akron OH, USA Founded: 1867 Ownership: Public (NYSE:BW) Employees: ~2,200 LTM Revenue September 2024: ~$878.3M B&W RENEWABLE Power Generation 59% Industrial 41% Aftermarket & Upgrades 13% Parts & Services 77% North America 14% Europe 75% Asia & Other 11% New Build 10% B&W THERMAL Industrial 37% Power Generation 63% Aftermarket & Upgrades 44% Parts & Services 44% North America 86% Europe 2% Asia & Other 12% New Build 12% B&W ENVIRONMENTAL Industrial 26% Power Generation 74% Aftermarket & Upgrades 35% Parts & Services 26% North America 33% Europe 40% New Build 39% Asia & Other 27% CONSOLIDATED 21% 26% 53% 31% 18% 51% Industrial 35% Power Generation 65% Aftermarket & Upgrades 36% Parts & Services 46% New Build 18% North America 57% Europe 27% Asia & Other 16% Backlog1 as of September 30, 2024 B&W Renewable LTM Revenue B&W Environmental B&W Thermal

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 9 55-60% 15-20% 20-25% PIPELINE REVENUE SPLIT 2024-2026 A S O L I D P I P E L I N E O F G L O B A L O P P O R T U N I T I E S Manufacturing Service Facilities Construction Sales/Support Sales Reps Americas APAC Europe ME/A $2,613 $886 $1,229 $508$ M IL LI O N S B&W RENEWABLE Americas APAC Europe ME/A $987 $95 $792 $305 $ M IL LI O N S B&W ENVIRONMENTAL Americas APAC Europe ME/A $1,230 $172 $50 $146$ M IL LI O N S B&W THERMAL 3- YE AR P IP EL IN E Total pipeline more than $9 billion over the next three years including over $2.4 billion in BrightLoop™ and ClimateBright™ opportunities Disclaimer: B&W Enterprises cautions not to place undue reliance on any forward-looking statements, which speak only as of the date of this presentation and may be impacted by the risks described in our SEC reports. We undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law. 2024-2026 Addressable Market Europe More than $8.5B 2024-2026 Addressable Market Americas Other: More than $10B 2024-2026 Addressable Market Asia-Pacific More than $9B A WIDE FOOTPRINT AND ONGOING EXPANSION POSITIONS B&W TO LEVERAGE MARKET TRENDS AROUND THE WORLD 2024-2026 Addressable Market Middle East & Africa More than $4B Total $5.2B Total $2.2B Total $1.6B

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 10 G L O B A L A N N U A L C A P I TA L I N V E S T M E N T I N C A R B O N C A P T U R E A N D H Y D R O G E N I S G R O W I N G Tr ill io ns U SD (2 01 9) 0 1 2 3 4 5 2016-20 2030 2040 2050 By technology area Technology area Other Fossil fuels CCUS Hydrogen Electricity system Electrification Efficiency Other renewables Bioenergy ANNUAL AVERAGE CAPITAL INVESTMENT IN THE NET-ZERO EMISSIONS (NZE) SCENARIO Source: IEA $224B $150B $158B $390B $240B $428B

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 11 B R I G H T L O O P ™ H Y D R O G E N P R O D U C T I O N SIGNIFICANT ADVANTAGES: • Hydrogen from solid fuels – can utilize a variety of solid or gaseous fuels as feedstock • High rate of carbon captured – inherent CO2 isolation supports sequestration or utilization without the expensive post combustion capture equipment and operation • Competitive hydrogen cost – lower levelized cost of hydrogen when compared to other hydrogen production methods • High-quality hydrogen – production from steam produces higher quality as compared to separating hydrogen from fuel • Scalable for a range of applications – accommodates both large and small applications BIOMASS FEEDSTOCK OPTIONS OUTPUT OPTIONSNitrogen for Beneficial Use BIOGAS COAL NATURAL GAS STEAM SYNGAS HYDROGEN ELECTRICITY PETROLEUM COKE CO2 for Storage/Beneficial Use BrightLoop™ Technology

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 12 B R I G H T L O O P ™ H Y D R O G E N P R O D U C T I O N P R O G R E S S B R I G H T L O O P E V O L U T I O N Sub-Pilot with The Ohio State University and B&W MEDIUM SCALE 10-50 Tonnes Per Day Hydrogen Output LARGE SCALE 100-250 Tonnes Per Day Hydrogen Output SUB-PILOT SCALE (Complete) 2008 2028 2029 IN PROGRESS Laboratory Scale RESEARCH STAGE (Complete) 1994-2004 PILOT SCALE (Complete) Steam & Hydrogen National Carbon Capture Center in Alabama 2014 SMALL SCALE 1-5 Tonnes Per Day Hydrogen Output IN PROGRESS 2026 PILOT SCALE (Complete) Coal Direct Chemical Looping Barberton, Ohio 2017

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 13 L E V E R A G I N G D E C A D E S O F F U N D I N G AWA R D S A N D I N V E S T M E N T S C O N T I N U E T O S C A L E T H I S I N D U S T R Y – C H A N G I N G T E C H N O L O G Y C O A L D I R E C T C H E M I C A L L O O P I N G ( C D C L ) N A T I O N A L C A R B O N C A P T U R E C E N T E R ( N C C C ) T H E O H I O S T A T E U N I V E R S I T Y OPERATING HOURS 2,000 STARTUP / SHUTDOWNS 50 OPERATING HOURS 1,000 STARTUP / SHUTDOWNS 20 $275M+ PATENTED IRON OXIDE PARTICLETGA TESTING TEST RUNS HOURS OF TESTING 500 10,000 BENCH SCALE TEST RUNS HOURS OF TESTING 200 5,000+ 3 Reactor SUB-PILOT TEST RUNS HOURS OF TESTING 50 1,000 SUB-PILOT TEST RUNS 50+ HOURS OF TESTING 2,000+ STARTUP / SHUTDOWNS 75 TOTAL R&D INVESTMENT CYCLE TIMES 10,000+ HOURS OF TESTING 3,000+ TOTAL TESTING HOURS 10,000+ DOE GRANTS – STATE GRANTS – OSU – B&W to study impact of various feedstocks on hydrogen production and advance the technology OSU CL RESULTED PHDs GRAD STUDENTS 70 100 OTHER STUDENTS AND STAFF250Experts Trained 2016 – 2018 DOE Pre-FEED CDCL 2009 CL with OSU 2010 NCCC Testing 2012 – 2014 CDCL DOE Techno-Economic Analysis 2010 NCCC Design & Construction 2022 - Present Commercialization

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 14 U N L O C K I N G F U T U R E R E V E N U E P O T E N T I A L O F B R I G H T L O O P A N D P O S I T I O N B A S E D O N M A R K E T W I T H S I G N I F I C A N T G R O W T H O F H Y D R O G E N P R O J E C T E D Achieving only 1% market share of a $140B U.S. market 3-5 Large Unit Projects 2-4 Medium Unit Projects 3-8 Small Unit Projects annual revenues at 25%+ Gross Margin B&W Project Timeline: • 2026 – Producing hydrogen from the first small unit • 2028 – Producing hydrogen from the first medium unit • 2030 – Booking multiple units of each size per year ~$1 Billion Target Market Share Assumed Mix of Projects 2030 Approximate Revenue *Market Data from IEA Net Zero by 2050 A Roadmap for the Global Energy Sector B & W c u r r e n t l y h a s 8 p r o j e c t s i n p i p e l i n e w h i c h a l o n e t o t a l o v e r $ 1 B i l l i o n

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 15 H Y D R O G E N P R O D U C T I O N A N D C O S T S Note: BLH Projections based on $1 / MMBTU feedstock; Source: DNV 2020 2030 2050 Coal gasification 2020 2030 2050 Coal gasification with CCS 2020 2030 2050 Methane reforming 2020 2030 2050 Methane reforming with CCS 2020 2030 2050 Dedicated renewable electrolysis 2020 2030 2050 Grid-based electrolysis 2020 2030 2050 Dedicated nuclear electrolysis weighted world average 0 1 2 3 4 5 6 7 Levelized cost of hydrogen after support by production route U SD /k gH 2 Medium BrightLoop Large BrightLoop BrightLoop produces low-cost hydrogen compared to the competition

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 16 G L O B A L L E A D E R I N C L E A N P O W E R P R O D U C T I O N T E C H N O L O G I E S — O U R C L I M AT E B R I G H T S U I T E • B&W is at the forefront of developing CO2 capturing technologies • Multiple technologies ready for commercial demonstration • 93 active patents related to carbon capture technology • Positioned to provide critical solutions to meet global climate goals BrightLoop™ HYDROGEN PRODUCTION OxyBright™ OXYGEN-FUEL COMBUSTION SolveBright™ POST-COMBUSTION CARBON CAPTURE BrightGen™ HYDROGEN COMBUSTION Long Duration Energy Storage Green Steam Direct Air Capture HOT SAND SILO COLD SAND SILO EMERGING TECHNOLOGIES B&W’S PORTFOLIO OF CLEAN POWER PRODUCTION SOLUTIONS CONTINUES TO EVOLVE TO REACH CUSTOMERS AT ALL STAGES OF THEIR ENERGY TRANSITION.

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 17 I N F L AT I O N R E D U C T I O N A C T F O R C L I M AT E B R I G H T Clean Hydrogen Production Tax Credit (PTC): 45V • New 10-year incentive for clean hydrogen production with four tiers and a maximum of 4 kilograms of CO2 equivalent per kilogram of hydrogen • Green hydrogen awards: $3/kg Carbon Capture and Sequestration Tax Credit: 45Q • Increases the tax credits, lowers the threshold to be applicable, and adds direct air capture making carbon capture affordable • CO2 increases to $85/ton and DAC increases to $180/ton; 12-year term Clean Electricity Investment Tax Credit (ITC): 48C • New, tech-neutral ITC replaces Energy ITC after 2024, emissions-based and flexible between clean technologies • Renewable energy offsets CapEx at 30%, with potential for multiple 10-20% bonuses CLEAN ENERGY WINS WITH THE INFLATION REDUCTION ACT, PROPELLING HYDROGEN PRODUCTION AND CARBON REDUCTION MARKETS FORWARD, CREATING FURTHER OPPORTUNITIES FOR CLIMATEBRIGHT SOLUTIONS *All pending IRS review

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 18 B & W ’ S WA S T E - TO - E N E R G Y T E C H N O L O G Y R E D U C E S M E T H A N E E M I S S I O N S • Methane has 84 times the Global Warming Potential (GWP) of CO2 i • Annual additions to landfills in the U.S.ii produce emissions equivalent to 10 million cars • Landfills in the U.S.iii emit more than 330 million tons of 20- year basis GWP each year, roughly equal to 70 million carsiv • Waste-to-Energy (WTE) avoids landfilling while producing baseload clean energy WTE TECHNOLOGIES • Boiler/steam generation island • DynaGrate® combustion grate • Fuel handling systems • Emissions control equipment • B&W’s state-of-the-art technology has been installed in more than 500 units in more than 30 countries, including: • The most recent WTE facility in the U.S. (Palm Beach Renewable Energy Facility, Florida) • One of the world’s largest waste treatment facilities (Shenzhen East, China) i Anthropogenic and Natural Radiative Forcing. In: Climate Change 2013: The Physical Science Basis. Contribution of Working Group I to the Fifth Assessment Report of the Intergovernmental Panel on Climate Change [Stocker, T.F., D. Qin, G.-K. Plattner, M. Tignor, S.K. Allen, J. Boschung, A. Nauels, Y. Xia, V. Bex and P.M. Midgley (eds.)]. Cambridge University Press, Cambridge, United Kingdom and New York, NY, USA. https://www.ipcc.ch/site/assets/uploads/2018/02/WG1AR5_Chapter08_FINAL.pdf; 20-year basis ii EIA Biomass Explained: Waste-to-energy (Municipal Solid Waste), November 29, 2020 https://www.eia.gov/energyexplained/biomass/waste-to-energy.php iii EPA Landfill Methane Outreach Program: Project and Landfill Data by State; https://www.epa.gov/lmop/project-and-landfill-data-state#:~:text=The%20LMOP%20Landfill%20and%20Landfill,more%20than%202%2C600%20MSW%20landfills and EPA U.S. Greenhouse Gas Inventory 2020, Chapter 7: Waste, Section 7.1 Landfills (CRF Source Category 5A1) iv Equivalent car emissions calculated using EPA metric of 4.6 metric tons of CO2 per year per passenger car B&W IS ACTIVELY DEPLOYING TECHNOLOGY THAT CURBS THE GLOBAL WARMING IMPACT OF METHANE

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 19 G L O B A L L E A D E R I N C O M P R E H E N S I V E WA S T E - TO - E N E R G Y S O L U T I O N S NEW BUILDS UPGRADES ENVIRONMENTAL SOLUTIONS FLEXIBLE DESIGNS REPLACEMENT PARTS DynaGrate® combustion grate DynaDischarger® ash removal Water-cooled wear zones and Inconel® corrosion protection VoluMix® system for improved combustion Fabric filter baghouse Carbon capture solutions On-line boiler washing system Selective non-catalytic reduction (SNCR) NOx control DynaFeeder® waste fuel feeder system Energy storage systems

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 20 B I O E N E R G Y W I T H C A R B O N C A P T U R E A N D S E Q U E S T R AT I O N ( B E C C S ) B&W’s biomass boilers paired with either OxyBright™ or SolveBright™ produce carbon negative energy with a -2,500gCO2e/kWh carbon intensity OxyBright with B&W’s WtE solution could produce carbon negative energy with a -1,000 gCO2e/kWh carbon intensity Our negative carbon intensity (-2,500 gCO2e/kWh) is nearly seven times more negative than the U.S. grid is positive (+373 gCO2e/kWh)

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 22 C O N S O L I D AT E D F I N A N C I A L S U M M A R Y - C O N T I N U I N G O P E R AT I O N S ($ in millions) Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Revenue $ 651.1 $ 772.2 Gross margin $ 152.8 $ 168.5 Selling, general and administrative expenses $ 135.1 $ 143.4 Operating income $ 45.1 $ 19.2

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 24 C A P I TA L S T R U C T U R E ($ in millions) As of September 30, 2024 CAPITALIZATION: Total Debt $ 463.9 Senior Notes $ 339.7 Revolving Credit Line $ 30.5 Letter of Credit Collateral* $ 93.7 Cash, cash equivalents and restricted cash $ 127.9 Net Debt $ 336.0 Note: Figures may not be clerically accurate due to rounding. *Letter of Credit Collateral under the Axos Credit Facility is on balance sheet in Restricted & Long-Term Restricted Cash offset by debt. The previous PNC/MSD letter of credit facility and associated collateral was not required to be included on balance sheet.

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 25 L E A D E R S H I P T E A M Chairman and Chief Executive Officer Kenny Young Executive Vice President and Chief Financial Officer Lou Salamone Executive Vice President and Chief Operating Officer Jimmy B. Morgan Executive Vice President, General Counsel and Corporate Secretary John J. Dziewisz Chief Technology Officer Brandy Johnson Senior Vice President, Thermal Chris Riker Vice President, Corporate Operations Gillianne Hetrick Vice President, Corporate Development Sarah Serafin

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 26 C O R P O R AT E G O V E R N A N C E B O A R D O F D I R E C T O R S Chairman and Chief Executive Officer Kenny Young Joseph TatoRebecca StahlHenry Bartoli Alan Howe Philip Moeller Naomi Boness

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 28 K E Y T E C H N O L O G I E S : S T E A M G E N E R AT I O N Utility Boilers High pressure, high efficiency, high capacity, low emissions Fuel: Coal, oil, natural gas, multi-fuel Natural Gas-Fired and Other Industrial Water-Tube and Fire-Tube Boilers Bottom- or top-supported, shop- or field-assembled Fuel: Natural gas, oil, CO, waste heat and gases Heat Recovery Steam Generator Components Pressure parts, casing, ducting, drums, housing and frames Fuel: Waste heat and gases Waste-to-Energy Boilers Reduces dependency on landfills and reduces methane gas emissions Fuel: MSW, RDF Biomass-Fired Boilers Carbon-neutral technology Fuel: Wood, wood waste, straw, sludge Process Recovery Boilers Single-drum, industry-standard unit for improved mill operation Fuel: Black liquor

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 29 K E Y T E C H N O L O G I E S : R E N E WA B L E C O M B U S T I O N G R AT E S • Large installed base with diverse set of customers • Grate design allows for high availability and long operational time, leading to reduced O&M cost • High thermal efficiency and low emissions • Fuel flexibility • Factory-assembled modules reduce field construction D Y N A G R A T E ® C O M B U S T I O N G R A T E A MARKET LEADER WITH DIFFERENTIATING TECHNOLOGY IN WASTE-TO-ENERGY SOLUTIONS

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 30 K E Y T E C H N O L O G I E S : E M I S S I O N S C O N T R O L S • Wet ESPs • Dry Sorbent Injection SO3 / Acid Mist Control PURPOSE TECHNOLOGY SOLUTION Particulate Control • Pulse Jet Fabric Filters / Baghouses • Wet and Dry Electrostatic Precipitators • Wet Particulate Scrubbers • Multiclone® Dust Collectors • Selective Catalytic and Non-catalytic Reduction • Low NOX Burners and Combustion SystemsNOx Control • Wet or Seawater Flue Gas Desulfurization Systems • Semi-dry Flue Gas Desulfurization Systems (Spray Dry Absorbers, Circulating Dry Scrubbers) • Wet ESPs and Dry Sorbent Injection SO2 / Acid Gas Control PURPOSE TECHNOLOGY SOLUTION • Powdered Activated Carbon Injection • Absorption Plus™, MercPlus™, Mitagent™ Additives Mercury • Wastewater Evaporation System via Spray Drying Wastewater Elimination Pre-treatment for Post- Combustion Carbon Capture • Wet and Dry Scrubbers, Sorbent Injection, Electrostatic Precipitators, Fabric Filters, Selective Catalytic Reduction systems • Complements SolveBright™ process, other post-combustion technologies

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 31 K E Y T E C H N O L O G I E S : F L U E G A S T R E AT M E N T F O R C A R B O N C A P T U R E • To optimize carbon capture on solvent-based scrubbing technologies, reductions in various pollutants found in the incoming flue gas are required • Our solutions include technologies for acid gases, particulate and acid mist, NOx and mercury THE WORLDWIDE LEADER IN FLUE GAS PRE-TREATMENT TECHNOLOGIES FOR POST-COMBUSTION CARBON CAPTURE

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 32 K E Y T E C H N O L O G I E S : S U B M E R G E D G R I N D C O N V E YO R A S H H A N D L I N G • Lower equipment cost • Lower installation cost • Ability to utilize existing hoppers and gate valves • No hopper modifications • Short outage time • Short lead time • Available redundancy under the boiler • Lower O&M costs Designated to meet current and future U.S. regulatory requirements for ash handling with: AN INNOVATIVE SOLUTION TO ELIMINATE ASH PONDS

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 33 K E Y C A PA B I L I T I E S : A F T E R M A R K E T S E R V I C E S Adding value through constructability: Safe execution of new installation, retrofits, system maintenance/repair, plant modificationsCONSTRUCTION OPTIMIZATION SYSTEMS Enhancing efficiency with proven technology: Diagnostic, monitoring, tuning and control systems for combustion and cleaning equipment UPGRADES & RETROFITS Maintaining/improving plant operation: Projects for extending the life of power, process and environmental equipment ENGINEERING SERVICES Evaluating options for improved performance: Expert people, tools and processes to measure, model, design, deliver, train and project manage REPLACEMENT PARTS Supplying components for system reliability: High-quality standard or custom-engineered pressure and non- pressure parts

© 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. B A B C O C K & W I L C O X E N T E R P R I S E S , I N C . 34 K E Y T E C H N O L O G I E S : I G N I TO R S , F L A M E S C A N N E R S A N D C O N T R O L S • Natural gas conversions from oil- or coal-firing • Alternative energy fuels such as hydrogen, biodiesel, methanol and biogas • Burner management and controls for complete turnkey system capability • Flame scanning capability can be effectively implemented on any industrial application • Technologies can be utilized for new construction or retrofit projects • Safety standards conforming to National Fire Protection Association (NFPA) classes Designed for safety, reliability and fuel flexibility PROVEN TECHNOLOGIES WITH INSTALLATIONS IN MORE THAN 70 COUNTRIES, INCLUDING MORE THAN 11,000 IGNITORS

Cover	Nov. 12, 2024
Entity Information [Line Items]
Document Type	8-K
Entity Registrant Name	BABCOCK & WILCOX ENTERPRISES, INC.
Entity Incorporation, State or Country Code	DE
Document Period End Date	Nov. 12, 2024
Entity File Number	001-36876
Entity Tax Identification Number	47-2783641
Entity Address, Address Line One	1200 East Market Street
Entity Address, Address Line Two	Suite 650
Entity Address, City or Town	Akron,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44305
City Area Code	330
Local Phone Number	753-4511
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001630805
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	BW
Security Exchange Name	NYSE
Senior Notes 8.125% Due 2026
Entity Information [Line Items]
Title of 12(b) Security	8.125% Senior Notes due 2026
Trading Symbol	BWSN
Security Exchange Name	NYSE
Series A Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	7.75% Series A Cumulative Perpetual Preferred Stock
Trading Symbol	BW PRA
Security Exchange Name	NYSE
Senior Notes 6.50% Due 2026
Entity Information [Line Items]
Title of 12(b) Security	6.50% Senior Notes due 2026
Trading Symbol	BWNB
Security Exchange Name	NYSE

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